AMP Capital backs New York power project

AMP Capital has closed a $US100 million debt financing for a 550 megawatt power project in New York city to allow it to refinance existing debt, adding what AMP describes as a “core infrastructure asset" in North America.

Astoria Project Partners is a fully operational power plant in Queens operating within the resource-constrained New York City power market, AMP Capital said Wednesday in a statement.

Andrew Jones, global head of infrastructure debt at AMP Capital, said investors were attracted to the investment because the power plant has “state-of-the-art, commercially proven generation equipment and technology combined with a long and successful operating history."

He said AMP was looking forward to making further investments in other high-quality assets in the region.

AMP Capital’s two infrastructure debt funds are each providing half of the financing. For the second fund, which was closed in August 2013 after attracting more than $US300 million from 18 institutional investors, the New York power plant follows its first subordinated debt investment in ADI Finance, owner of Heathrow, Glasgow, Aberdeen and Southampton airports.